Development opportunity in Adelaide CBD - Ironfish

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Development opportunity in Adelaide CBD

The State Government is offering an unparalleled opportunity to transform Adelaide’s CBD through the creation of a world class mixed use precinct on the site of the existing Royal Adelaide Hospital (RAH) expected to generate more than half a billion dollars of investment in South Australia.

Expressions of interest will open tomorrow to jointly plan, and then redevelop, the prime seven hectare site, in what can be described as the only development opportunity of its type in Australia.

Acting Premier John Rau said the Government wants to hear from leading developers, consortia and organisations from South Australia, nationally and around the world with an innovative vision for the site.

“This unique site in Adelaide’s CBD presents a once in a generation opportunity to create an internationally acclaimed mixed use precinct that is expected to generate estimated investment in excess of half a billion dollars in South Australia,” he said.

“We are looking for developers and consortia of national or international standing who have proven experience in delivering large scale complex mixed use projects.

“It is essential that the plans provide a significant number of opportunities for people to live and work on the site.

“The developer or consortia that takes on this project will need to be creative and innovative whilst also having the financial strength to take responsibility for such a major development.”

Proposals for the site will need to deliver an economic benefit to the State, create a significant number of jobs, support Adelaide’s East End and CBD and connect with the Riverbank’s Health and Biomedical Precinct – bringing new life to the city.

“There are six heritage buildings on the site that are a great asset and present wonderful opportunities for innovative reuse in line with the recent trend to transform and repurpose heritage buildings in Adelaide’s CBD,” Mr Rau said.

Just in the construction period alone, it is estimated that the site could support 370 direct and indirect jobs per year over 10 years.

The unique RAH site is a crucial part of the wider Riverbank Precinct which has seen $4.7 billion investment in the past five years. There is almost $1 billion of projects in the pipeline for the precinct including an upgraded Festival Centre and Plaza, and the plans for the RAH site will complement these.

Opportunities for the precinct include residential, retail, hotel, commercial, health, education and cultural facilities – subject to planning and legal approvals.

“The seven hectare site represents a rare and exciting urban renewal opportunity supporting a unique and innovative mix of land uses not seen before in Adelaide,” Mr Rau said.

Renewal SA is seeking expressions of interest on behalf of the State Government from master developers, consortia and individual organisations to work with the Government to plan and redevelop all or part of the site.

The Government’s objectives for the site are to:

    •  Create a world class precinct that features world class buildings and public spaces, and which becomes a tourism or cultural attraction
    • Have an economic focus, including creating job opportunities
    • Activate the area through a mix of uses including cultural, commercial and recreational ones
    • Strengthen connections to the East End, Riverbank educational and cultural precinct along North Terrace, and to the Botanic Gardens
    • A focus on sustainability, supporting a carbon neutral city and achieving best practic in sustainable design.
    • There will be a three-stage process to identify suitable proponent/s, with expressions of interest closing on 1 September, followed by requests for proposals in October/November, leading to negotiations with a preferred proponent contracted in December.
    • A Development Plan Amendment will be required to change the zoning for the site.
    • The IMVS buildings, Women’s Health Centre Building, Eleanor Harrald Building and Margaret Graham Building will be retained by SA Health in the short term for pathology and health administration, however will form part of the longer term master plan for the site.
    • Renewal SA has appointed commercial real estate agents JLL as agents for the EOI process.

Source: News Release, Government of South Australia, 6 July, 2015

http://www.premier.sa.gov.au/images/news_releases/2015/15_07Jul/raeoi.pdf